Sections 3 to 7 of Chapter 44B, of the Massachusetts General Laws, also known as the Community Preservation Act with the funding source being a surcharge of three percent (3%) on the annual property tax assessed on real property and annual distributions made by the state from a trust fund created by the Act. If approved, $100,000 of the value of each taxable parcel of residential real property would be exempt. A Community Preservation Committee will be established to study community preservation resources, possibilities and needs and to make annual recommendations to the Town Council on spending the funds. At least 10% of the funds for each fiscal year will be spent or reserved for later spending on each of the Act's three community preservation purposes: (1) open space, (2) historic resources and (3) affordable housing.